WEBVTT - ICYMI: Bitcoin Breaks $100k; Citadel Pushes for Four-Year Non-Competes

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Stenoveek on Bloomberg Radio.

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<v Speaker 3>Frank Spiser, he's CEO at Metafied. We're gonna be talking

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<v Speaker 3>a bit about bitcoin and what's going on there. I mean,

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<v Speaker 3>as I'm looking at bitcoin, I'm seeing it up over

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<v Speaker 3>one hundred thousand, which is really a big number that

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<v Speaker 3>we did see it hitting earlier before. What is the

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<v Speaker 3>runway here, Frank? What are people saying about bitcoin right now?

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<v Speaker 1>I mean, right now, bitcoin sort of at a crossroads

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<v Speaker 1>where you know, the support level is probably around ninety

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<v Speaker 1>seven thousand, but the top is sort of undetermined, and

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<v Speaker 1>if it breaks through the one oh five one oh

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<v Speaker 1>seven level, we could see it go all the way

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<v Speaker 1>up to you know, one sixty one seventy five pretty easily,

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<v Speaker 1>because there's a lot of institutions buying, and you know,

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<v Speaker 1>states like New Hampshire just recently passed their their strategic

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<v Speaker 1>preserve that will allow but then the whole bitcoin and

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<v Speaker 1>with other states following, I think you'll see competition for

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<v Speaker 1>the available bitcoin on the market, so the top top

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<v Speaker 1>people much higher.

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<v Speaker 2>You know, I've noticed Frank is, ever since Liberation Day,

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<v Speaker 2>we've seen the dollar really fall out. I was trying

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<v Speaker 2>to think of an appropriate way to say that that

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<v Speaker 2>the FCC, Yes, the dollar has weakened substantially, and at

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<v Speaker 2>the same time we've seen a strengthening a bitcoin. Now,

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<v Speaker 2>I'm not insane, right, I'm not gonna say this digital

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<v Speaker 2>currency with absolutely nothing backing it. Besides, like you know,

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<v Speaker 2>the faith that a Reddit group has put into it

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<v Speaker 2>is going to replace the dollar as a world reserve currency.

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<v Speaker 2>But it kind of looks like that, doesn't it.

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<v Speaker 1>Yeah, Matt, I wouldn't say you're insane at all, and

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<v Speaker 1>I would say, what's backing it is the common belief

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<v Speaker 1>that people can transact in peace without the without the

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<v Speaker 1>permission or without needing to sort of rely on the

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<v Speaker 1>printing press of a of a fiat currency. I think

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<v Speaker 1>that's been the original intent of bitcoin all along, and

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<v Speaker 1>you're starting to see that coalesce. I think what we

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<v Speaker 1>saw over the past week or maybe the past month,

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<v Speaker 1>the big bitcoin asset is up twenty five percent for

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<v Speaker 1>the past thirty days. I think you're starting to see

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<v Speaker 1>it returned to the point where it's unhinged from the

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<v Speaker 1>equities markets, and it's no longer moving a tandem with

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<v Speaker 1>sort of the global equities markets. People are starting to

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<v Speaker 1>see it as a way to diversify risk away from

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<v Speaker 1>those markets and away from some really uncertain policies, you know,

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<v Speaker 1>in terms of like money supply, tariffs and the like.

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<v Speaker 4>And you know what's interesting.

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<v Speaker 3>I actually was at at ATM the other day and

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<v Speaker 3>it has the option to use bitcoin to pull out

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<v Speaker 3>money as opposed to using my debit card.

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<v Speaker 2>But that's crazy. You don't want to spend bitcoin, do

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<v Speaker 2>you. You don't want to spend bitcoin, do you, Frank?

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<v Speaker 3>I mean, it was the wildest thing.

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<v Speaker 4>I don't know if.

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<v Speaker 2>Nora knows this because younger people don't remember, but there

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<v Speaker 2>is a dude who bought two pizzas for ten thousand bitcoin.

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<v Speaker 2>Ten thousand. How much money is that worth today, Frank?

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<v Speaker 4>A lot.

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<v Speaker 1>The last time I checked, it was about four hundred

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<v Speaker 1>million dollars in my business, so that's a little expensive

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<v Speaker 1>for my taste. But I would not use bitcoin. It

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<v Speaker 1>would not spend it. It's becoming, you know, it's right now,

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<v Speaker 1>according to its market cap, the fifth largest asset in

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<v Speaker 1>the world, just ahead of Amazon.

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<v Speaker 3>I mean, how are people thinking about bitcoin right now.

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<v Speaker 3>I mean, I think that the market is really in

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<v Speaker 3>an interesting space where tariffs have been in focus. People

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<v Speaker 3>are really interested about the geo politics trade tensions. How

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<v Speaker 3>exactly does that affect bitcoin.

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<v Speaker 1>Bitcoin allows governments to sort of move money around in

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<v Speaker 1>a way that they as long as they will both

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<v Speaker 1>accept it on either side the original intendants. You just

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<v Speaker 1>have two parties in the trade. You don't need a

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<v Speaker 1>third arbiter. So my sense is, and I don't have

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<v Speaker 1>the data to prove this, but it feels like with

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<v Speaker 1>the volumes we're seeing in the market, there's people finding

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<v Speaker 1>innovative way ways around sort of the tariff restrictions and

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<v Speaker 1>controls just by just by alternative currencies. That could be

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<v Speaker 1>the case, but I think the world is at a

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<v Speaker 1>point where it sees it as a valid asset. It's

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<v Speaker 1>starting to become more certain that it's going to stay

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<v Speaker 1>there for the long term, and you're starting to develop

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<v Speaker 1>around that where that wasn't there in previous cycles. So

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<v Speaker 1>what was there was just speculative belief that it would

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<v Speaker 1>one day get to where it is now. But I

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<v Speaker 1>think we're finally at a mature point in the market

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<v Speaker 1>development where you're seeing people actually build around it and

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<v Speaker 1>consider it for for ways to to execute trades, to leverage,

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<v Speaker 1>you know, different ways around you know what, what the

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<v Speaker 1>world's throwing at.

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<v Speaker 4>Them right now?

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<v Speaker 5>Uh?

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<v Speaker 2>You know, I look at on the Bloomberg terminal, c

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<v Speaker 2>ryp go as I'm sure you know, as everyone knows,

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<v Speaker 2>pulls up a list of cryptocurrencies. But I don't really

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<v Speaker 2>care about any of them, frank not even Ether. I

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<v Speaker 2>only care about Bitcoin, Bitcoin, Why bother with the rest

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<v Speaker 2>of these? What are they?

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<v Speaker 5>Like?

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<v Speaker 2>Five thousand other cryptocurrencies.

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<v Speaker 1>There's quite a few, and I would actually say most

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<v Speaker 1>of them are junk. And that's coming from somebody who

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<v Speaker 1>has a company who does crypto based stuff. It doesn't

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<v Speaker 1>mean we should throw the baby out with the bathwater. Eath,

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<v Speaker 1>for instance, is up you know, eleven percent over the

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<v Speaker 1>previous day. It's it's up you know, forty percent for

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<v Speaker 1>the previous thirty days. And what that is is an

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<v Speaker 1>indicator that the DeFi markets, where you're starting to see

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<v Speaker 1>decentralized finance products pop up, the settlement layer for all

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<v Speaker 1>of that is EATH. So, uh, that's an indicator that

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<v Speaker 1>the market does want to develop ways to alternatively you know,

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<v Speaker 1>move move capital around, and you should pay attention to

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<v Speaker 1>ETH as a barometer for the appetite to develop these

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<v Speaker 1>types of things.

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<v Speaker 2>I just want to say they start. But frank uh,

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<v Speaker 2>you know talking at the top about how you don't

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<v Speaker 2>want to be a slave to the fiat currency. Right,

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<v Speaker 2>Bitcoin is is proof of work, Right eth is proof

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<v Speaker 2>of steak. It seems like it could be swayed by

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<v Speaker 2>some big holders.

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<v Speaker 4>That's correct.

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<v Speaker 1>Eth is one of those things where the money supply

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<v Speaker 1>is not definite. I definitely prefer the economics of bitcoin,

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<v Speaker 1>for sure, and it's a lot more fair to the users.

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<v Speaker 1>But ETH is one of those things that it's sort

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<v Speaker 1>of the base layer of decentralized finance, and for that alone,

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<v Speaker 1>it's it's sort of worth seeing what people are willing

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<v Speaker 1>to build for. I think what we need to do

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<v Speaker 1>to get some more clarity here is to get some

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<v Speaker 1>regulatory certainty around stable tokens. And if we can do that,

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<v Speaker 1>you know, we'll start to see the bridge between the

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<v Speaker 1>traditional finance system and crypto become a little more certain

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<v Speaker 1>and clear, and the innovation start to ramp up.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Steneveek on Bloomberg Radio.

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<v Speaker 3>I really do want to into what's going on at Citadel.

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<v Speaker 3>We're going to be joined here by Anna Kaiser, and

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<v Speaker 3>she's based in Miami Hope. The weather is great there,

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<v Speaker 3>it's rainy here in New York City. But Citadel is

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<v Speaker 3>pushing for a four year non compete in Florida. It's

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<v Speaker 3>essentially a lobbying spree. Four years sounds insane to me

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<v Speaker 3>for a non compete. I'm really interested to hear what

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<v Speaker 3>the reception has been and what's really going on here.

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<v Speaker 5>Anna.

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<v Speaker 4>Yeah. So, as I said, this is a bill that

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<v Speaker 4>is in the Florida legislature.

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<v Speaker 5>It is still waiting to be signed by Governor Rond

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<v Speaker 5>De Santis, so that is still pending. But it would

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<v Speaker 5>allow for non competes and garden leaves in the state

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<v Speaker 5>to last for up to four years, which is.

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<v Speaker 4>A really long time.

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<v Speaker 5>As as you say, you know, some of the lawyers

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<v Speaker 5>and policymakers who I spoke to for the story just

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<v Speaker 5>described this bill as like very employer friendly. It puts

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<v Speaker 5>a lot of power with the employer when it comes

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<v Speaker 5>to non compete agreements.

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<v Speaker 3>I mean, when I think about people and whether or

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<v Speaker 3>not they'd actually sign a noncompete. I mean, if Citadel

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<v Speaker 3>is a big name, of course, but do we feel

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<v Speaker 3>like they have the juice? Do they really have the

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<v Speaker 3>reputation enough to really get people to be willing to

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<v Speaker 3>sign this four year agreement?

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<v Speaker 4>Yeah, I mean I should not.

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<v Speaker 5>It's up to four years, so I guess it's going

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<v Speaker 5>to be up to them, you know, how long they

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<v Speaker 5>want to stretch.

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<v Speaker 4>Those I mean, it would be pretty hard for me

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<v Speaker 4>to imagine doing it.

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<v Speaker 5>Four years is a really long time to be out

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<v Speaker 5>on the sidelines, you know, it could really damage your career.

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<v Speaker 5>I think it's something that employees there would probably have

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<v Speaker 5>to think about a lot.

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<v Speaker 4>You know, in exchange. Like you said, it's a big name.

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<v Speaker 5>They you know, obviously compensate very well, so time great.

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<v Speaker 4>Yeah, so you know it's it's it's uh.

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<v Speaker 5>It's probably a pretty tough decision that some future employees

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<v Speaker 5>might have to face.

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<v Speaker 2>Yeah, I mean, the devil's in the details, right, if

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<v Speaker 2>they're if they're paying me enough, and if the four

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<v Speaker 2>year non compete was gardening leave on which I would

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<v Speaker 2>continue to get paid a ton, I probably would want

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<v Speaker 2>to sign that. But it's not always the case, right,

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<v Speaker 2>That's what I thought when I initially read your story

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<v Speaker 2>this morning, Anna, like, oh, that would be great, you know,

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<v Speaker 2>getting full paid for four years hanging out in the keys,

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<v Speaker 2>knocking back Margarita's all day. But the issue is you

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<v Speaker 2>don't always get paid on those years that you have

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<v Speaker 2>to sit out during a non compete. And even if

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<v Speaker 2>you do get paid, if it's gardening leave so called,

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<v Speaker 2>you still often don't get your bonuses. And this is

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<v Speaker 2>an industry in which people don't matter. People make exactly

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<v Speaker 2>the line's share of their compensation is in bonuses.

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<v Speaker 4>Yeah, exactly.

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<v Speaker 5>So it sounds like a dream, right, You just get

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<v Speaker 5>to sit back and be on vacation. But as you say,

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<v Speaker 5>salaries actually don't make up a huge portion of compensation

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<v Speaker 5>for a lot of people who work at hedge funds.

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<v Speaker 5>So you know, that might help you keep the lights

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<v Speaker 5>on when you go on a gardening leave, but it's

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<v Speaker 5>probably going to be a pre pretty big hit to

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<v Speaker 5>your income.

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<v Speaker 4>So it's not quite as sweet of a deal as

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<v Speaker 4>it appears to be.

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<v Speaker 3>So, and the bill has passed the legislature, but it's

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<v Speaker 3>still awaiting the governor's signature. What's the timeline here? Is

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<v Speaker 3>this something near term that we could get an answer

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<v Speaker 3>on this.

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<v Speaker 5>Yeah, it's it's still not on the governor's desk officially,

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<v Speaker 5>you know, the legislator.

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<v Speaker 4>The legislative session ended last week. There are you know,

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<v Speaker 4>a flurry of bills to sign.

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<v Speaker 5>This is one of dozens, so it's hard to say

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<v Speaker 5>when he would actually sign it, but it would probably

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<v Speaker 5>be in the coming weeks.

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<v Speaker 3>And I mean Florida as we think about I always

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<v Speaker 3>think about people that are making that migration over the

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<v Speaker 3>Florida great weather. That's what I'm the most jealous of.

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<v Speaker 2>But so flat, this is true, And it's not like

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<v Speaker 2>the greatest roads for me.

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<v Speaker 3>It's a no from you.

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<v Speaker 2>Yeah, I just it's like flat, long, straight highways.

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<v Speaker 3>But the palm trees, right.

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<v Speaker 2>Yeah, palm trees are good. And like I said, you know,

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<v Speaker 2>hammocks and mixed beverage is. I appreciate that kind of thing.

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<v Speaker 2>But you've got to deal with Florida man as well. Anna,

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<v Speaker 2>What is it like living in Florida. I mean you're

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<v Speaker 2>surrounded by people that make the news as a joke,

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<v Speaker 2>you know, not Ken Griffin, but the rest of the

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<v Speaker 2>people in Florida. How is it living there?

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<v Speaker 5>I mean, it's an amazing place to be a reporter

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<v Speaker 5>because there's never a dull day.

0:11:24.480 --> 0:11:26.240
<v Speaker 4>We are always covering all.

0:11:26.080 --> 0:11:32.199
<v Speaker 5>Sorts of different things, different characters, different figures, policies, politics.

0:11:32.280 --> 0:11:34.360
<v Speaker 5>You know, We've got more Alogo just up the road.

0:11:34.480 --> 0:11:36.720
<v Speaker 5>It's sort of the center of the Republican Party in

0:11:36.760 --> 0:11:40.120
<v Speaker 5>so many ways, you know, center of so many ideas

0:11:40.120 --> 0:11:41.720
<v Speaker 5>that are coming out of the Republican Party.

0:11:41.920 --> 0:11:44.240
<v Speaker 4>So I will say, it's never a dull day.

0:11:44.520 --> 0:11:47.880
<v Speaker 3>So talk to me about why Florida specifically with this story, right,

0:11:47.960 --> 0:11:50.280
<v Speaker 3>I mean they obviously have a presence in other states

0:11:50.280 --> 0:11:54.320
<v Speaker 3>as well, so true, yes, yes, sorry.

0:11:55.679 --> 0:11:58.880
<v Speaker 5>The way that the bill is written, it says that

0:11:59.120 --> 0:12:03.960
<v Speaker 5>these kinds of non competes in garden leaves would be

0:12:04.040 --> 0:12:08.400
<v Speaker 5>applicable for a company where their principal place of business

0:12:08.480 --> 0:12:12.760
<v Speaker 5>is in Florida. So in theory that is trying to

0:12:12.800 --> 0:12:17.560
<v Speaker 5>say that these could extend outside of Florida.

0:12:17.720 --> 0:12:17.920
<v Speaker 4>You know.

0:12:18.000 --> 0:12:24.360
<v Speaker 5>Also, this is a very heavily Republican legislature. They do

0:12:24.480 --> 0:12:26.360
<v Speaker 5>often pass things that are sort of friendly to the

0:12:26.360 --> 0:12:27.840
<v Speaker 5>business community, I think, much.

0:12:27.720 --> 0:12:29.400
<v Speaker 4>More so than in New York.

0:12:29.920 --> 0:12:33.200
<v Speaker 5>So it's just a it's a friendlier environment for something

0:12:33.240 --> 0:12:34.199
<v Speaker 5>like this to pass well.

0:12:34.200 --> 0:12:36.199
<v Speaker 2>And Ken Griffin, right, I mean, you mentioned mar A

0:12:36.240 --> 0:12:39.120
<v Speaker 2>Lago's up the road, and I'm sure that when the

0:12:39.200 --> 0:12:43.400
<v Speaker 2>President is in the state, he commands the obedience of

0:12:43.440 --> 0:12:47.480
<v Speaker 2>most people there, But when he's not, Ken Griffin is

0:12:47.640 --> 0:12:50.920
<v Speaker 2>kind of like the de facto leader right of Wall

0:12:50.920 --> 0:12:53.920
<v Speaker 2>Street South, and he's given so much money I would

0:12:53.960 --> 0:12:56.520
<v Speaker 2>imagine to Republican candidates down there in the state, as

0:12:56.520 --> 0:12:59.320
<v Speaker 2>well as the governor Ron DeSantis, that they tend to

0:12:59.360 --> 0:13:00.720
<v Speaker 2>do what he wants them to do.

0:13:02.160 --> 0:13:02.480
<v Speaker 4>Yeah.

0:13:02.520 --> 0:13:05.720
<v Speaker 5>Absolutely, I mean he is He's only lived here for

0:13:05.760 --> 0:13:09.040
<v Speaker 5>three years, but he holds an incredible amount of power

0:13:09.160 --> 0:13:11.880
<v Speaker 5>and influence, and he's very involved in sort of all

0:13:11.960 --> 0:13:12.840
<v Speaker 5>levels of government.

0:13:13.960 --> 0:13:16.320
<v Speaker 4>He you know, donates.

0:13:15.800 --> 0:13:20.199
<v Speaker 5>And supports local candidates and local races here in Miami,

0:13:20.920 --> 0:13:24.240
<v Speaker 5>you know, state candidates, and is.

0:13:24.520 --> 0:13:26.240
<v Speaker 4>Just very involved in politics.

0:13:27.280 --> 0:13:31.160
<v Speaker 5>He you know, donates to all of the big charities

0:13:31.200 --> 0:13:32.160
<v Speaker 5>and philanthropies.

0:13:32.240 --> 0:13:33.720
<v Speaker 4>So he has a really big.

0:13:33.600 --> 0:13:36.040
<v Speaker 5>Presence here and in just three years, so I think

0:13:36.040 --> 0:13:37.000
<v Speaker 5>it's pretty impressive.

0:13:37.200 --> 0:13:39.719
<v Speaker 4>You know, you see his name on buildings.

0:13:39.679 --> 0:13:42.160
<v Speaker 5>All over Miami and even in Palm Beach two where

0:13:42.160 --> 0:13:45.280
<v Speaker 5>he also owns property. So he has a very big

0:13:45.320 --> 0:13:48.040
<v Speaker 5>presence for a really short amount of time in my opinion.

0:13:48.200 --> 0:13:50.880
<v Speaker 3>And of course this is a really big bill. What

0:13:50.960 --> 0:13:53.720
<v Speaker 3>are you hearing from sources about the odds of it passing?

0:13:55.640 --> 0:13:57.000
<v Speaker 2>You know, Gardner.

0:13:56.840 --> 0:14:00.800
<v Speaker 5>Decidas usually will pass something that is you know, business friendly.

0:14:01.640 --> 0:14:04.440
<v Speaker 4>It didn't have a ton of pushback in the legislature.

0:14:05.559 --> 0:14:07.160
<v Speaker 4>The bill sponsors.

0:14:06.600 --> 0:14:09.679
<v Speaker 5>Really argued that this is very important for Florida's business community,

0:14:09.720 --> 0:14:12.400
<v Speaker 5>that this is going to attract businesses that have very

0:14:12.480 --> 0:14:15.960
<v Speaker 5>high paying jobs because they're businesses that are dealing with

0:14:16.080 --> 0:14:18.280
<v Speaker 5>you know, high level trade secrets. So they sort of

0:14:18.360 --> 0:14:20.640
<v Speaker 5>argue that this is actually really important for the business

0:14:20.720 --> 0:14:24.920
<v Speaker 5>ecosystem in Florida. So in that in that sense, I

0:14:24.920 --> 0:14:27.800
<v Speaker 5>think there's you know a good chance that the governor

0:14:27.840 --> 0:14:30.840
<v Speaker 5>would sign it, but he declined to comment for the story,

0:14:30.920 --> 0:14:33.120
<v Speaker 5>so you know, we'll we'll just have to.

0:14:33.120 --> 0:14:36.360
<v Speaker 2>See, all right, Anna, thanks so much, Anakizer. They're reporting

0:14:36.600 --> 0:14:38.160
<v Speaker 2>to us live from Miami.